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Manila Bulletin devider Business devider Banking & Finance devider ADB ramps up crisis funding to $4 billion as Philippines seeks support amid prolonged Mideast conflict

ADB ramps up crisis funding to $4 billion as Philippines seeks support amid prolonged Mideast conflict

Published Jun 12, 2026 02:55 pm

The Asian Development Bank (ADB) is mobilizing $4 billion in financing to help its developing member countries (DMCs) cope with the economic fallout from the ongoing war in the Middle East, with the Philippines among those seeking assistance as higher fuel, food, fertilizer, and freight costs continue to pressure economies across the Asia-Pacific region.

In a statement on Friday, June 12, the Manila-based multilateral lender said the package consists of about $3 billion in financing requested by its DMCs, plus $1 billion in trade finance support for energy and food imports.

“The ADB is acting with speed and scale to support countries experiencing a range of impacts from the Middle East conflict, including pressure on finances, remittances, tourism, and fuel and fertilizer supplies,” ADB president Masato Kanda said.

“At this time of acute uncertainty and risk, we are deploying our full suite of crisis response instruments—including budget support, trade finance, and a new mechanism to rapidly repurpose existing portfolio funds—to deliver the tailored and timely support our members, from large to small, need to safeguard their economies and communities,” Kanda added.

The Philippines is among 15 DMCs that have formally requested support from the ADB to help manage the economic impact of the prolonged conflict in the Middle East.

The ADB earlier disclosed that it would provide up to $1.75 billion in additional financing to the Philippines, on top of around $2 billion in policy-based loans already being prepared this year.

According to the ADB, the support for its host country could include additional policy-based and countercyclical lending as well as trade finance assistance.

The ADB said it has also received formal financing requests from Bangladesh, Fiji, and Sri Lanka. The requests range from $15 million to $1.5 billion and cover a variety of instruments, including policy-based loans, countercyclical financing, emergency assistance loans, as well as rapid repurposing of existing sovereign portfolio funds.

The lender added that it is in discussions with four other DMCs facing continued economic pressures from the conflict, but did not identify them.

On top of the requests it already received, the ADB said India has sought $1.5 billion in financing to strengthen resilience as well as advance urban transformation and clean energy initiatives. The proposed package for India includes a $1-billion policy-based loan for urban infrastructure and reform programs, plus $500 million to accelerate rooftop solar deployment as well as energy security measures, it noted.

The ADB also said it has already reactivated support for oil imports under its trade and supply chain finance program (TSCFP) on an exceptional and temporary basis to help soften the impact of rising oil prices as well as supply chain disruptions.

Since March 1, TSCFP has provided $673 million to support oil and gas imports, plus $390 million for food security initiatives across nine DMCs, helping maintain access to essential supplies amid market disruptions, the ADB said.

Trade finance support for Cook Islands is also expected to begin soon as part of the lender’s broader assistance to vulnerable small island developing states, it added.

The lender is likewise preparing to support Vanuatu through its newly established rapid resource reprogramming and deployment option (3RDO), which allows DMCs to quickly redirect the ADB’s existing portfolio resources toward emergency response as well as early recovery efforts.

The ADB said Vanuatu’s government has expressed strong interest in using the facility not only to address immediate financing needs arising from the fuel crisis but also to establish a contingency mechanism that could be activated during future emergencies. - Ben Arnold de Vera

Related Tags

Asian Development Bank (ADB) developing member countries (DMCs) Middle East war Asia-Pacific
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